The Las Vegas Review Journal is reporting that William Hill Plc, the prominent British bookmaker, has rejected a 3.2 billion-pound ($4.2 billion) cash-and-stock offer from 888 Holdings and Rank Group.
The reason for the refusal? It was a low-ball offer, sources reveal.
“This conditional proposal substantially undervalues William Hill, is highly opportunistic and does not reflect the inherent value of the business,” Chairman Gareth Davis is quoted in a written statement.
As for what’s next, that much isn’t clear.
“The offer heaps more pressure on William Hill, which last month ousted Chief Executive Officer James Henderson as it struggles to keep pace in the fast-growing world of online betting,” the Review Journal reports. “The bookmaker launched a new web platform and mobile application last year, though ran into difficulties that led to a slowdown in betting growth. It cut profit guidance in March.”
To read the full scoop, click here.
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